Grover, a Germany-based technology product rental service backed by insurer Assurant and electronics manufacturer Samsung, has increased its series B round to about $100m having closed a $29m second tranche.
Undisclosed investors backed the equity part of the close, which additionally included $1bn in asset-based debt from asset manager Fasanara Capital.
The company had raised $71.4m in debt and equity financing in a series B round in April this year. JMS Capital-Everglen led the $53.5m equity portion, which was backed by Samsung subsidiary Samsung Next, Assurant, Viola Fintech, Coparion, Augmentum Fintech, Circularity Capital, Seedcamp and undisclosed individuals, while Kreos Capital supplied debt.
Founded in 2015, Grover operates a consumer electronics leasing subscription service that enables users to rent products including personal computers, mobile phones and headsets.
Samsung Next had already backed a $12m equity round, which included financial services group Commerzbank’s Main Incubator and peer Varengold Bank as well as Augmentum, Circularity Capital and Coparion in late 2019 that also featured a $32.7m loan facility from Varengold.
The company had secured $14m in series A funding the previous year from Samsung Next, Varengold, Main Incubator, Circularity Capital Global Founders Capital (GFC), Hannover Innovation Fund, KRW Schindler Investments, Seedcamp and Coparion alongside $29.3m in debt.
Main Incubator, GFC, Hannover Innovation Fund, KRW Schindler Investments and Seedcamp had all participated in a $1.1m seed round for Grover in 2015.
